New Stablecoins Appear on Bitcoin Network Using Ordinal Protocol - Grow Info Berita Terupdate
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New Stablecoins Appear on Bitcoin Network Using Ordinal Protocol

New Stablecoins Appear on Bitcoin Network Using Ordinal Protocol

There has recently appeared a new stablecoin whose value is backed by the US dollar on the Ordinal Bitcoin network called Stably USD. This stablecoin has a BRC-20 standard because it is issued on the Bitcoin network.

In comparison, the world's two largest stablecoins, Tether (USDT) and USD Coin (USDC) do most of their volume on the Ethereum crypto network as ERC-20 tokens. Although now both tokens are available on several other networks such as Solana, Avalanche and TRON.

US-based Stably, which bills itself as a fiat avenue for crypto trading, has announced its US dollar-backed BRC-20 stablecoin on Twitter. 

Although Stably claims its subsidiary, Stably Trading LLC, is a registered remittance, the registration number and address on their website do not match those listed on the FinCEN website under “Stably Trading, LLC”.

StablyUSD is not technically a new stablecoin. It has been around since 2019 and was recently converted to a BRC-20 token in Bitcoin. 

The latest approval report shows a market capitalization of USD 7 million or the equivalent of IDR 104.6 billion (assuming an exchange rate of IDR 14,955 per US dollar). across 11 different blockchains , including Ethereum, BNB Chain, and Arbitrum.

According to Stably's website, its regulated custodian Prime Trust has reserves for Stably USD. But it appears that Prime Trust does not hold reserves directly, as explained on its website Prime Trust is not FDIC insured and uses accounts at several existing banks.

Stably said it would enforce know-your-customer (KYC) and anti-money laundering (AML) processes for users who wish to exchange stablecoins for actual dollars.

Stablecoin Market Capitalization Shrinks IDR 108.61 Trillion in 2023

Since the start of 2023, the crypto industry has surged 41.77 percent and recorded a market capitalization of USD 1.17 trillion. However, amid this growth,  stablecoins  experienced a correction of USD 7.3 billion in a span of 140 days.

Quoted from , written Monday (22/5/2023), according to the latest data, the stablecoin market capitalization value has decreased by USD 7.3 billion or around IDR 108.61 trillion (assuming an exchange rate of IDR 14,878 per United States dollar) in 2023 As of January 6, 2023, the stablecoin market cap was at USD 138.12 billion.

However, currently  the stablecoin market capitalization  is shrinking to USD 130.79 billion. This is as many stablecoin projects have experienced substantial redemption in the last four months, with USDC losing more than USD 14 billion. Likewise BUSD has experienced a redemption exceeding USD 11 billion since the first week of January. Meanwhile, DAI is facing redemption of USD 361 million.

While USDC and BUSD slumped by USD 7.3 billion in 2023, several other stablecoin projects managed to offset these losses with gains. One of them is TUSD, which started the year with a market capitalization of USD 846.57 million. Currently,  the stablecoin  has a market valuation of USD 2.04 billion, up 140.97 percent.

Likewise tether (USDT) which recorded a significant increase in market capitalization. In the first week of January, USDT's market capitalization stood at USD 66.29 billion, but has since jumped 25 percent, reaching USD 89.25 billion. On January 6, 2023, the stablecoin recorded a trading volume of USD 27.11 billion in 24 hours. However, on May 21, 2023, the market volume of US dollar-pegged tokens plummeted to USD 10.77 billion.

Trading volumes while visibly smaller, the USD 10.77 billion worth of stablecoins still represent a significant portion, accounting for 57.9 percent of the total 24-hour trading volume in  cryptocurrencies .

On the other hand, the volume of tokens pegged in US dollars reached USD 27.11 billion, accounting for 81.36 percent of the global trading volume on January 6, 2023 of the 12,775 crypto assets listed on

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